China's economic performance holds steady in November

China's economy remained generally stable in November amid headwinds and uncertainties, with industrial production reporting steady growth, driven by robust performances in equipment manufacturing and high-tech sectors, official data showed on Monday.

Figures released by the National Bureau of Statistics showed that China's value-added industrial output – a gauge of activity in the manufacturing, mining and utilities sectors – rose by 4.8 percent year-on-year in November, following a 4.9 percent rise in October.

Notably, equipment and high-tech manufacturing reported strong performances in November, expanding by 7.7 and 8.4 percent respectively.

Retail sales, a key measure of consumer spending, grew by 1.3 percent year-on-year in November, compared to a 2.9 percent growth in October.

Meanwhile, fixed-asset investment – a gauge of expenditures on items including infrastructure, property, machinery and equipment –declined 2.6 percent from January to November compared to the same period last year, while it decreased 1.7 percent in the first ten months of the year.

The surveyed urban unemployment rate stood at 5.1 percent in November, unchanged from October, according to the NBS.

While stating that the data showed China's economy remained generally stable in November, the NBS warned that the broader economy still faces challenges ahead amid external uncertainties and insufficient domestic demand.

Looking ahead, the NBS said the country will implement more proactive macroeconomic policies aimed at stimulating domestic demand, optimizing supply, and maintaining stability in employment, business activities, markets and expectations.